Market Commentary

Initial Jobless Claims rose to the highest level since the week ended July 4th last week, up 10K to 293K from a downwardly revised 283K prior; this is the 46th consecutive week of Jobless Claims below 300K. The four-week moving average for Jobless Claims rose to 285,000 from 278,500. Continuing Claims, which are lagged an additional week, fell 56K to 2208K from an upwardly revised 2264K prior. Treasuries are unchanged from yesterday's 2:00 PM (PT)close and the curve has steepened with 2s10s up 0.6 bps.

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